QV House Price Index, June 2026: Patchwork property market grows more pronounced
Aotearoa’s housing market has become increasingly divided throughout the first half of 2026.
Our latest QV House Price Index shows residential property values have reduced by 0.4% nationally throughout the three months to the end of June, reversing the small gains recorded in our previous two indexes.
The average Kiwi home is now worth $906,443 – virtually unchanged from the start of this calendar year and 14.8% below the market’s 2022 peak.
Beyond that headline figure, QV spokesperson Simon Petersen said the national average was masking a growing regional divide.
“The national average only tells part of the story. Tauranga was the North Island’s only green arrow this quarter, with Whangārei and New Plymouth the only other main centres to avoid average home value declines.
“By contrast, average home values increased virtually everywhere south of Greymouth, except in Dunedin.”
Across New Zealand’s largest cities, Christchurch (0.9%) once again outperformed both Auckland (-0.7%) and Wellington (-1%), where conditions remain subdued.
“There’s now a clear regional divide between the country’s strongest-performing property markets and those where home values are largely drifting sideways or slightly downward,” Mr Petersen said.
“On the positive side of the ledger, Canterbury and Southland continue to benefit from strong local economies, relative affordability and more balanced supply-and-demand conditions, which are supporting demand and property values.”
Elsewhere, he said weaker economic conditions and an abundance of properties for sale was helping to maintain downward pressure on prices.
“Broader political and economic uncertainty is weighing heavily on buyer confidence, while cost-of-living pressures remain a significant challenge for many households. As a result, many prospective purchasers are choosing to sit on the sidelines.
“But first-home buyers remain active across most areas of the country, supported by elevated stock levels. They’re still taking a careful and considered approach, with few feeling any urgency to make a purchase until they’ve found exactly what they’re looking for.”
Looking ahead, Mr Petersen said the second half of the year would bring no shortage of important economic and political milestones for the housing market, beginning with today’s OCR announcement.
“Whether today’s OCR announcement affects buyer behaviour in the short term remains to be seen, but it will certainly become an important part of the wider economic backdrop as we move through the second half of the year.”
Keep reading for a regional breakdown of the latest QV House Price figures — or search here to discover the latest value of your home.
Northland
Once again, residential property values have been kept practically motionless in Whangarei.
The city’s average home value has remained almost completely static in the May and June quarters now at $736,722. That figure is 0.1% higher than at the same time last year and 0.6% lower than at the start of 2026.
In comparison, Far North District’s average home value is now 1.5% higher than the same time last year at $724,521.
Kaipara’s average home value is currently $826,562, which is 1.7% lower annually but 0.6% higher than at the start of this calendar year.
Auckland
Home values have softened across much of Auckland, with just one of the Super City's former local council areas recording growth this quarter.
Our latest QV House Price Index shows the average home value reduced by 0.7% across the wider region in the three months to the end of June 2026 to $1,188,497. That figure is 2.9% less than the same time last year and 1.3% lower than at the start of 2026.
Franklin (0.5%) was the only former local council area to record growth this quarter, while Rodney (0.8%) is the only place where home values are still higher than one year ago.
“Overseas conflicts, moderate interest rates increases and economic uncertainty are all contributing to a market that is sluggish overall. There are lots of houses on the market, which buyers are using to their benefit, with agents reporting cheeky low offers being presented to sellers,” said local QV registered valuer Hugh Robson.
“Despite all this, first-home buyers continue to make up a steady and sizeable portion of sales. New townhouse developments continue to be constructed across the city, and inner-city suburbs are seeing steady activity,” he added.
Bay of Plenty
Bay of Plenty's property market is a patchwork of pluses and minuses this quarter.
Tauranga (0.9%) and Whakatāne (0.4%) recorded modest average growth, while Gisborne (-4.2%) and Ōpōtiki (-3.2%) experienced the largest declines. Rotorua (-1.2%), Western Bay of Plenty (-1.6%) and Kawerau (-0.8%) also softened.
Local QV registered valuer Damian Hall said the picture had become more subdued towards the end of the quarter.
“While our quarterly figures show a mixed picture across the Bay of Plenty, there was a slight reduction in values across the board in June, with the exception of the upper quartile in Western Bay of Plenty district.
“Agents have also reported fewer new listings coming to market in recent weeks, following a period where existing stock has gradually cleared. That’s not unusual heading into winter, when activity typically slows anyway, but it also appears some buyers and sellers are waiting to see what happens at the upcoming election.”
Waikato
Growth was sparse across Waikato’s property market this quarter.
Our latest QV House Price Index shows home values reduced by an average of 0.5% across the wider region in the three months to the end of June 2026.
Hamilton performed slightly worse than the regional average, with its average home value reducing by 0.6% to $785,612. That figure is now 0.8% lower than the same time last year and 1.2% lower than at the start of 2026.
At the halfway mark of 2026, only Waikato (3.3%), Matamata-Piako (1.8%), Waipā (1.9%) and Waitomo (0.3%) remain ahead of where they were at the start of this calendar year.
QV registered valuer Marshall Wu said home values across the region remained subdued over the three months to June, with market conditions continuing to vary by district.
“While sales volumes have eased, the Waikato region continues to show resilience with pricing momentum subdued and values showing limited upward pressure. Although investor activity has softened due to uncertainty around the direction of interest rates, first-home buyers remain active, supported by elevated stock levels and improved choice.”
“Limited price growth is expected over the near term as affordability constraints, lending conditions, global conflict and the upcoming election in November continue to keep overall market momentum subdued,” Mr Wu concluded.
Hawke’s Bay
Residential property values have cooled again in Napier and Hastings.
The cities’ average home values decreased this quarter by 1% and 1.2% respectively to $748,924 and $761,355.
At the halfway mark of 2026, average home values across Hawke’s Bay are now 1.8% lower than they were at the start of the year. Wairoa (-5.1%) and Central Hawke's Bay (-5.7%) have recorded the largest average declines so far this calendar year.
Taranaki
Residential property values are standing still in New Plymouth.
Our latest QV House Price Index shows the city’s average home value has remained virtually motionless in the June quarter at $718,745.
It comes after our previous index recorded just 0.1% growth in the May quarter.
As we reach the halfway mark of 2026, home values in Stratford (2%) and South Taranaki (1%) remain higher than they were at the start of the year, while New Plymouth is down by just 0.1% on average.
Manawatu
The average home in Palmerston North is worth virtually the same today as it was one year ago.
According to our latest QV House Price Index, the city’s average home value has reduced by 0.3% this quarter to $631,249. That figure is just 0.2% less than at the end of June last year and 0.8% lower than at the start of 2026.
At the midway point of this calendar year, only home values in Rangitikei (1.4%), Tararua (0.7%) and Manawatu district (0.8%) are currently sitting higher on average than at the start of 2026.
Wellington
The residential property market’s slow but steady softening has continued across most of Wellington.
Only Porirua (1.4%) recorded modest home value growth throughout the three months to the end of June 2026. Its average home value is now a fraction of a percentage point higher than at the start of this calendar year.
Halfway through 2026, Upper Hutt’s average home value is also a fraction of a percentage point higher than at the start of the year, despite recording a 1% reduction this quarter.
Homes are worth less on average than at the start of the year everywhere else.
Local QV registered valuer David Cornford said the market remained soft due to “high supply and relatively weak economic conditions”.
“Market conditions have softened slightly over recent months, largely due to uncertainty relating to the Iran conflict, the possibility of higher interest rates, and the Government’s announcement about making further cuts to the public sector, which is impacting employment confidence,” he said.
“First-home buyers are active and have plenty of stock to pick from. Buyers continue to take a cautious approach, can take their time, and are not afraid to walk away from a deal if things don’t go in their favour.”
Nelson/Tasman/Marlborough
It was all one-way traffic across the top of the South Island this quarter.
Nelson (-0.7%), Marlborough (-0.8%) and Tasman (-1.4%) all recorded modest reductions in average home value throughout the three months to the end of June 2026. The average homes in these areas are now worth $773,805, $695,414 and $820,850 respectively.
At the midway point of 2026, Marlborough is the only one of these three where average home values remain higher than they were at the start of the year – and only just, at 0.7%.
QV Nelson/Marlborough manager Craig Russell said buyer behaviour remained largely unchanged from recent iterations of the QV House Price Index.
“First-home buyers continue to dominate activity below the $800,000 mark, while property investors remain cautious with expected interest rate increases in the coming months.”
Mr Russell said land values also remained subdued across the top of the South Island.
“The viticulture market continues to be affected by a worldwide oversupply of wine and changing consumer habits,” he added.
West Coast
Residential property values continue to fluctuate on the West Coast.
The QV House Price Index records overall home values across the wider West Coast region decreasing by 0.1% for the three-month period to the end of June 2026, compared to a 4.4% quarterly increase in our previous index.
The average home value is now $451,775, which is 2.8% higher than the same time last year and 1.2% higher than at the start of 2026.
Of the three districts that make up the region, Buller recorded the largest decrease at 2.7% for the three-month period and an average value of $375,880. That is a 3.5% decrease from 12 months ago.
Westland recorded a decrease for the three-month period of 1.1% and an average value of $515,429, which is 7.4% more than 12 months ago.
The Grey District recorded an increase of 2.2% for the three-month period, an average value of $472,424, and a 4.1% increase from 12 months ago.
Local QV registered valuer Rod Thornton characterised the market as “steady overall”.
“The index over the past year has tended to fluctuate, which can be expected in a market like the West Coast where relatively low sales volumes can unduly influence outputs and there is a wide mix of housing types, locations, price points and value drivers.”
Canterbury
Canterbury continues to quietly buck the national trend.
It remains one of New Zealand’s strongest-performing property markets, with home values rising by 0.9% on average this quarter – a modest gain but well ahead of the national result and second only to the Southland (1%) region.
Every district across Canterbury recorded average home value growth this quarter.
In Christchurch, the average home value also increased by 0.9% this quarter to $805,736. That figure is now 3.9% higher than the same time last year and 1.8% higher than at the start of this calendar year.
“Internal migration remains strong with many wanting or intending to move here from other cities,” said QV South Island professional services manager Michael Tohill.
“Large family homes are sought after with premium prices paid in market hot spots such as Merivale, St Albans and Papanui.
“First-home buyers and investors are very active in the townhouse sector due to oversupply and strong marketing by developers. This sector has seen a price correction as predicted from the start of the year.
“Selwyn and Waimakariri continue to be affordable locations with lifestyle appeal.”
He said the rental market remained steady with rentals up 1% from last year. “There’s pressure in the student market as many students are opting to come to Canterbury compared to other years.”
Otago
Otago’s property market remains finely balanced.
Our latest QV House Price Index shows the region’s average home value reduced by just 0.1% throughout the three months to the end of June 2026.
Central Otago (0.5%) and Queenstown (0.1%) recorded modest growth this quarter, while Dunedin (-0.3%) and Clutha (-0.7%) experienced small reductions. Waitaki (-3.8%) was the clear outlier.
Despite that, at the halfway point of 2026 only Clutha (-0.4%) remains below where it started the year. Central Otago (4.4%) and Dunedin (3.4%) have recorded the strongest average growth so far this calendar year.
Southland
Southland's property market continues to set the pace.
Home values increased by an average of 1% across the region this quarter – a modest gain but more than enough to make it New Zealand’s strongest-performing region throughout the three months to the end of June 2026.
Gore (5.4%) and Invercargill (1.5%) continued to build on earlier gains, while Southland district recorded a 2.1% reduction in average home value.
Keep track of all these value movements and more via our interactive QV House Price Index — or search here to discover the latest value of your home.
